Asia saw gains ranging from 0.5% up to 1%; Europe is trading up on average of 0.5%.

Commodities are showing noticeable strength heading into the open, with silver leading the way (up over 3%).

To continue confusing both the bulls and bears, the market managed to recover into the close and finish right on 1329.

On an intraday basis, the market dipped below the long-term trend-line (off of 9/10 lows) and the 50-day moving average. At the end of the day it managed to recover, close above those levels and form a nice bullish hammer candle.

S&P is at an inflection point - after today, we should have a much better idea of whether we are moving higher in the short-to-intermediate time frame or lower. The closing price is really what matters to me here.

S&P shows us trading in a well-defined downward channel on the 30-minute chart. We are currently trading at the bottom end of that range, and setting up nicely for a bounce over the next few days.